Your Real Estate Market UpdateFrom your Reid Realtors team
We’re about a month into summer break and we are feeling the heat. Not only the weather but the market has picked up. Still, there are some common themes, challenges and opportunities we want you to know about.
Here’s a few highlights:
The market overall is becoming a healthier and more stable market with home prices correcting themselves from historic highs following the pandemic.
Homes are selling but with affordability still being a top concern for buyers, homes are selling at a more conservative price point and buyers have higher expectations on move-in ready homes.
Buyers still have leverage with a smaller pool of buyers in the current market and homes sitting on the market longer.
Let’s dive into more numbers and insights below.
The Numbers
Below highlights overall themes and trends based on the Greater Memphis Area. For information by suburb, click the link below to see your area specifically.
Numbers by Market:
When comparing data Year over Year, you can see that there has been increase in homes (units) sold – up 8% in May and up 9.9% year to date. Average Sales Price in May is slightly up 4.5% but year to date is around the same YOY with just a .1% increase. As you’ll also see in our detailed report on our website, some markets are seeing average sales price remain the same or dip below years past.
We are in a healthier market.
Should home owners be concerned when seeing home values starting to normalize or the pace of growth slow down? Our short answer is no.
Real Estate has always been a longevity investment. Since 2020, the real estate market has experienced unprecedented growth and a growth rate that was not sustainable. Buying at the high end of the market in years past means weighing your options now on what renovations will or will not impact your long term ROI (return on investment), and understanding your 3-5 year real estate goals. In many cases, we see younger families moving more but it may be wise to wait for your home to appreciate in value over the next few years.
However, we understand that life happens. Dreams don’t wait and moving needs or desires may find you moving sooner than you expected. And in this case as a seller in this market, here’s more on what you can expect.
Pricing & staging is crucial for sellers.
If you’re considering listing your home in this market, it is now crucial to price your home correctly. Most homes that hit the market see the most activity within the first two weeks of the home being listed. If you home is overpriced, buyers will know and you may prevent showings. Conversely, if you do get showings on your home, after consulting with a professional, many buyers will not be willing to pay over market value in this market.
Once you know your home is priced correctly, staging plays a major role in getting buyers in the door and under contract. If you are willing to stage, this may also increase your starting price point depending upon any improvements made to the home. Staging can take on a variety of forms from hiring a stager, to decluttering and removing unwanted items and rearranging your items, and of course aesthetic improvements such as painting and landscaping that may be more costly but go along way.
It’s important to talk through your options with your agent to see what’s the best fit for your home and with your timeline and resources.
Pricing and staging will drive demand for your home.
Buyers have leverage.
It is certainly still a buyers market. This means that with such a small pool of buyers due to interest rates, buyers have the advantage of taking their time, waiting on the right home and taking advantage of home sitting on the market longer.
It also means buyers can be more selective, ask for repairs, and have more negotiation power on price.
There are currently 3,128 units available with an average sales price at $410,859 indicating we have a wide range of inventory in the Memphis market at both lower and higher price points. If you’d like to jump into the market, contact us and we’d be happy to help you navigate the ever-changing market.
Your Real Estate Market Update From your Reid Realtors team
The number one question we get asked as agents has to be “how’s the market”? So let’s get to it.
Here’s what you may know:
Interest rates are hovering around 7% with much anticipation about potential drops at upcoming FED meetings scheduled for early March
Affordability is still the main concern for many people locked in at lower interest rates or for first time home buyers
There is still low inventory and a smaller pool of buyers
Let’s dive into more numbers and insights below.
The Numbers
A preview of Shelby County aggregated from the month of January comparing January 2024 vs. January 2023. For information by suburb, please reach out to us directly.
The above gives an overview of Shelby County to understand what’s going on with our local market as a whole. These numbers are directional and vary from each area of the city so please reach out, if you’d like specific numbers for your area.
Affordability remains the top concern for buyers.
This past fall when interest rates rose to a high we haven’t seen in years, we started to see another shift in the market. While we expect winter to be a slower season in Real Estate, we also experienced less buyers in the market overall with affordability as a root cause.
With interest rates now hovering around 7%, this still remains a concern. Buyers that are currently in the market for a home are more calculated about their investment. In a market with lower interest rates, we saw quick decisions being made due to urgency and multiple offer scenarios. Today, buyers are slowing down, taking their time and not settling for a house that doesn’t have what they desire. If they are going to move at this interest rate, it needs to be well worth it.
From our experience, it comes down to a cost/benefit analysis. We have seen clients having to weigh expectations of what they want in a home vs. the cost. Understanding what you can afford should be considered not only at a maximum sales price but also at a monthly mortgage you are comfortable with. We have a great partnership with many local lenders and would be happy to connect you if you are curious as to what a new mortgage could look like.
Our advice to buyers? Think through your long term goals. Let’s talk about where Real Estate falls in the picture for you and what timing would be best. If you are a first time home buyer paying rent but can afford a down payment, you may want to consider investing in Real Estate now as mortgage rates and rent rates may be comparable.
It will take longer to sell your home.
Average days on market are at an average of 48 days with many of the city higher than this. However, last January we saw an average days on market at 43. While this isn’t a drastic change based on seasonality, as we mentioned previously, expectations of buyers have changed.
Not only should your home be show-ready, but you have to ensure the buyers see value for the price. Value mostly comes in pricing conservatively, offering allowances, closing costs, credits or rate-buy downs.
While making repairs ahead of time and staging your home appropriately is always good thing to do, this won’t necessarily drive showings to your home if it’s not paired with a solid pricing and marketing strategy.
There are different approaches to pricing your home in a market like this one. Depending on your time, resources and goals, we can help craft the best strategy for you.
There’s a balance of more homes sold but a slight dip in prices.
Overall home prices have come down 3.7% in January 2024 compared to January 2023 in Shelby County. However, homes sold are up 24.2%
This indicates that the market is correcting itself slightly from higher sales prices in years past but also that it’s taking a dip in prices to sale more units.
Where we see this playing out in our local market is many homes accepting offers lower than asking price. For a buyer, understanding how days on market can impact your offer is key. For a seller, having realistic expectations and getting pricing right on the front end is essential.
Now more than ever, is the right time to have an agent on your side to help you navigate through a market that is changing by the week. And as always, we are here to help!
Every year as the weather cools and the holiday decorations start appearing, homeowners thinking about selling face the same question: should I list my house now or wait until spring? It’s a pretty common dilemma, and honestly, plenty of sellers even pull their listings off the market entirely, thinking they’ll have better luck after New Year’s.
But here’s something that might surprise you: the holiday season could actually be the perfect time to sell your home. While everyone else is holding back, you could be taking advantage of some serious benefits that only come around during the cooler months.
The Holiday Selling Myth
Let’s address the elephant in the room. Most people assume spring is the golden ticket for selling a house. And sure, buyer activity does tend to pick up when the flowers start blooming and the weather gets nicer. But there’s a catch that a lot of sellers don’t think about until it’s too late.
When spring rolls around, you’re not the only one with this brilliant idea. Suddenly, the market gets flooded with new listings as everyone tries to capitalize on that seasonal demand. Your beautiful home that would’ve stood out in December? Now it’s competing with dozens of other properties in your neighborhood, all vying for the same pool of buyers.
Think of it like trying to get a reservation at a popular restaurant on Valentine’s Day versus a random Tuesday in January. Sure, more people might be dining out on Valentine’s Day, but you’re also dealing with way more competition for those tables.
Less Competition Is Your Secret Weapon
Here’s where things get interesting. During the fall and winter months, something predictable happens in the real estate market: the number of available homes for sale starts to drop. It’s not a mystery why—sellers pull their listings, thinking the holidays are a dead zone for real estate activity.
This creates what we like to call the “winter sweet spot.” While inventory levels have been gradually increasing this year compared to previous winters, they still tend to dip significantly during the cooler months. Then, like clockwork, as soon as spring approaches, listings start climbing again as all those sellers who waited jump back into the market at once.
The data backs this up too. Looking at trends over the past several years, we consistently see inventory levels drop during late fall and winter, only to surge back up as we approach spring. This pattern repeats itself year after year, and smart sellers use it to their advantage.
Quality Over Quantity Advantage
Now, you might be thinking: “Okay, but if there are fewer houses for sale, doesn’t that mean there are also fewer buyers?” And you’d be partially right. The total number of potential buyers does decrease during the holidays. But here’s the thing—and this is crucial—the buyers who are actively looking during this time are a completely different breed.
These aren’t casual browsers spending their Sunday afternoons at open houses “just to see what’s out there.” These are serious, motivated buyers who have a genuine reason to find a home right now. Maybe they’re relocating for a job that starts in January. Perhaps their lease is ending and they need to move quickly. Or maybe life circumstances have changed and they simply can’t wait until spring.
Whatever their reason, these buyers mean business. They’re not window shopping—they’re actually ready to write an offer. And when you’re dealing with motivated buyers who need to move quickly, you’re in a much better position as a seller. These folks are more likely to make competitive offers and move through the buying process efficiently because they have a deadline to meet.
Reasons to List Your Home This Holiday Season
Let’s break down the specific advantages you’ll enjoy if you decide to sell during the holidays instead of waiting until everyone else floods the market in spring.
Motivated Buyers Are Actively Searching
While your neighbors are busy decorating their trees and planning holiday gatherings, there’s a subset of buyers out there who absolutely need to find a home before the new year. These aren’t people who are casually curious about the market or thinking “maybe someday” about buying. They’re people with pressing reasons to move, and they’re willing to act quickly when they find the right property.
The desire to own a home doesn’t just shut off because December rolls around. Life doesn’t stop for the holidays—in fact, major life changes often happen during this time of year. Job transfers, family changes, lease expirations, and other circumstances mean that plenty of people need to find housing regardless of the season.
When someone is house hunting between Thanksgiving and New Year’s, you can bet they’re serious about making a purchase. They’re not going to waste their time (or yours) looking at homes they’re not genuinely interested in buying. This focused motivation often leads to quicker sales and smoother transactions.
Your House Will Actually Stand Out
Remember that restaurant analogy from earlier? This is where it really comes into play. When you list your home during the holidays, you’re not competing with dozens of similar properties in your area. Buyers have fewer options to choose from, which means each available home gets more attention.
Even though overall inventory levels have improved compared to recent years, they’re still significantly lower during the winter months than they are in spring. This gives your property a spotlight effect. Instead of being one listing among many, you become one of the few options available to buyers who are actively searching.
This scarcity works in your favor in multiple ways. First, buyers don’t have the luxury of being extremely picky or taking their time to compare endless options. Second, if your home is priced right and shows well, it’s more likely to generate genuine interest quickly. Third, you might even see multiple offers if several buyers are competing for the limited inventory available.
You Control the Showing Schedule
One of the biggest concerns sellers have about listing during the holidays is the disruption to their lives. Between family gatherings, holiday parties, kids’ school events, and all the other seasonal activities, who wants to deal with constant home showings?
Here’s the good news: you have way more control over this than you might think. Unlike selling during peak spring season when you might need to be available at any time to accommodate the flood of interested buyers, winter selling lets you set boundaries that work for your schedule.
You can specify particular days and times when your home is available for viewing, allowing you to plan your holiday activities around showings rather than the other way around. Many buyers during this season actually have more flexibility themselves since they often have vacation time around the holidays. They’re generally more accommodating about working around your schedule because they understand everyone is busy during this time.
Your real estate agent can help manage this process, screening serious buyers and coordinating showings at times that minimize disruption to your holiday celebrations. You don’t have to keep your house in “show-ready” condition 24/7 or stress about last-minute showing requests during family dinner.
Holiday Atmosphere Can Be a Selling Point
Here’s something that might surprise you: tasteful holiday decorations can actually help sell your house. While you definitely don’t want to go overboard (we’ll talk about that in a second), creating a warm, inviting atmosphere with some seasonal touches can help buyers envision themselves celebrating in the space.
Think about it from a buyer’s perspective. They walk into a home that has a beautifully decorated tree in the corner, some subtle seasonal accents, maybe the faint scent of cinnamon or pine in the air. It immediately feels warm and welcoming. It’s easy for them to picture their own family gathered around that fireplace, opening presents under that tree, or hosting holiday dinners in that dining room.
This emotional connection is powerful. Real estate is ultimately an emotional purchase, and anything that helps buyers imagine their life in your home is a valuable tool. The key is keeping your decorations tasteful and understated—you want to accent your home’s features, not overwhelm them.
Get Your Holiday Decorations Just Right
Since we’re talking about using holiday decor to your advantage, let’s discuss how to do this strategically. The goal is to create ambiance without making your space feel cluttered or overly personal.
Keep it simple and classic. Go for timeless decorations rather than anything too specific or over-the-top. A wreath on the front door? Perfect. A tastefully decorated tree with white lights? Beautiful. Your entire collection of Santa figurines covering every surface? Maybe save those for after you move.
Pay attention to scent. Pleasant holiday scents like pine, cinnamon, or vanilla can create positive associations, but don’t go overboard with air fresheners or candles. You want subtle hints, not an overwhelming sensory experience.
Make sure decorations don’t hide your home’s best features. That amazing architectural detail or beautiful window shouldn’t be obscured by decorations. Your home itself is what you’re selling—the holiday touches are just there to enhance it.
Keep pathways clear. Buyers need to be able to walk through your home easily and see all the spaces clearly. Don’t let decorations create obstacles or make rooms feel cramped.
Consider religious neutrality. If you celebrate a specific holiday, that’s wonderful, but remember that your pool of buyers might include people from various backgrounds. Keeping decorations somewhat neutral can appeal to a broader audience.
Pricing Your Home Right Is Still Critical
Here’s something that doesn’t change regardless of the season: your home needs to be priced correctly. Actually, pricing strategy might be even more important during the holidays because you’re working with a smaller but more serious buyer pool.
This is where having a great real estate agent becomes absolutely essential. Your agent should conduct a thorough comparative market analysis, looking at recently sold homes in your area, current competition, and market trends. They’ll help you find that sweet spot where your home is priced competitively but you’re not leaving money on the table.
Even though there’s less competition during the holidays, that doesn’t mean you can overprice your home and expect motivated buyers to just pay whatever you’re asking. These buyers might be serious, but they’re not foolish. They’re doing their research, and if your home is significantly overpriced compared to similar properties, they’ll move on to other options.
On the flip side, pricing your home right can lead to quick offers and potentially even multiple bids if you hit the market when inventory is particularly tight. Your agent will help you analyze the specific conditions in your local market and develop a pricing strategy that positions your home competitively.
Common Concerns
A lot of sellers have legitimate worries about listing during the holidays. Let’s address some of the most common concerns and why they might not be as big of an issue as you think.
“Nobody wants to move during the holidays.” While it’s true that some people prefer to wait, remember that the buyers who are looking now have specific reasons for needing to move. Their motivation outweighs the inconvenience of moving during a busy season.
“My house won’t show well in bad weather.” Your home doesn’t stop being attractive just because it’s cold outside. In fact, winter showing can actually highlight features like a cozy fireplace, good insulation, or an efficient heating system. Plus, buyers who are serious enough to tour homes in less-than-ideal weather are typically very motivated.
“I don’t want to disrupt my family’s holidays.” As we discussed earlier, you have control over your showing schedule. You can set boundaries that protect your family time while still making your home available to serious buyers at convenient times.
“The market will be better in spring.” Maybe. But it will also be significantly more competitive. The “better” spring market means better for buyers who have lots of options to choose from, not necessarily better for sellers who are competing with every other seller in their area.
Working with the Right Real Estate Professional
If there’s one piece of advice that matters more than anything else when selling during the holidays—or any time of year, really—it’s this: partner with an experienced, knowledgeable real estate agent who understands your local market.
A great agent will help you navigate every aspect of the selling process, from determining the right listing price to marketing your home effectively to negotiating offers. During the holidays specifically, your agent becomes even more valuable because they can help manage the logistics of showings around your schedule, identify those serious buyers we’ve been talking about, and position your home to stand out in the limited inventory.
Look for an agent who has experience with winter sales and can share specific strategies for succeeding during the holidays. They should be able to show you data about your local market, explain seasonal trends, and help you understand what realistic expectations look like for your particular situation.
Your agent will also handle all the behind-the-scenes work that goes into selling a home: marketing, scheduling, communications with potential buyers and their agents, paperwork, and negotiation. This support is invaluable during an already busy time of year.
Holiday Home Selling
Here’s what it comes down to: selling your house during the holidays isn’t just possible—it can actually be advantageous. While conventional wisdom says to wait until spring, the reality is that winter selling offers some unique benefits that you won’t find during the busier seasons.
Less competition means your home will stand out to buyers. The buyers who are looking right now are motivated and ready to move forward quickly. You have more control over your schedule and showing times. And yes, those holiday decorations you’ve already put up can actually work in your favor.
Does this mean every seller should list during the holidays? Not necessarily. Your personal situation matters, and there might be valid reasons to wait. But don’t automatically assume that winter is a bad time to sell just because that’s what everyone says. The data and the market conditions tell a different story.
If you’re thinking about selling and wondering whether to list now or wait, have a conversation with a trusted local real estate agent. They can look at your specific situation, your home, your local market conditions, and help you make an informed decision about timing.
The holiday season might just be the perfect time to make your move—both literally and figuratively. While everyone else is waiting for spring, you could be accepting an offer from a motivated buyer who’s ready to make your house their new home.
So before you decide to take your home off the market or postpone your selling plans until after the new year, consider giving the winter selling season a chance. You might be surprised by how much your house can shine when there’s less competition and more serious buyers than you expected.
If you’re thinking about buying a home, you may find yourself interested in the latest real estate headlines so you can have a pulse on all of the things that could impact your decision. If that’s the case, you’ve probably heard mention of investors, and wondered how they’re impacting the housing market right now. That could leave you asking yourself questions like:
How many homes do investors own?
Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?
To answer those questions, here’s the real story of what’s happening based on the data.
Let’s start with establishing how many single-family homes (SFHs) there are and what portion of those are rentals owned by investors. According to SFR Investor, which studies the single-family rental market in the United States, there are eighty-two million single-family homes in this country. But how many of them are actually rentals?
According to data shared in a recent post, sixty-eight million (82.93%) of those homes are owner-occupied – meaning the person who owns the home lives in it. If you subtract that sixty-eight million from the total number of single-family homes (82 million), that leaves just about fourteen million homes left that are single-family rentals (SFRs).
Do institutional investors own all of those remaining fourteen million homes? Not even close. Let’s take it one step further. There are four categories of investors:
The mom & pop investor who owns between 1-9 SFRs
The regional investor who owns between 10-99 SFRs
Smaller national investor who owns between 100-999 SFRs
The institutional investor who owns over 1,000 SFRs
These categories show that not all investors are large institutional investors. To help convey that even more clearly, here are the percentages of rental homes owned by each type of investor (see chart below):
As you can see in the chart, despite what the news and social media would have you believe, the green shows the vast majority are not owned by large institutional investors. Instead, most are owned by small mom & pop investors, like your friends and neighbors.
What’s actually happening is, that there are people out there, just like you, who believe in homeownership, and they view buying a home (or a second home) as an investment. Maybe they saw an opportunity to buy a second home over the last few years to use it as a rental and generate additional income. Or maybe they just decided to keep their first house rather than sell it when they moved up.
So, don’t believe everything you read or hear about institutional investors.They aren’t buying up all the homes and making it impossible for the average person to buy. That’s just not what the numbers show. Institutional investors are actually the smallest piece of the pie chart.
Bottom Line
While it’s true that institutional investors are a player in the single-family rental marketplace, they’re not buying up all of the houses on the market. If you have other questions about things you’re hearing about the housing market, connect with a trusted real estate professional so you have an expert to give you the context you need.
Your Real Estate Market UpdateFrom your Reid Realtors team
It’s that time again. We’re diving into what’s going on with our local market and what you should know.
Many have felt the change in the market from the pandemic years through where we are currently. If you haven’t experienced it yourself, you know someone who has. Interest rates still remain high and we are seeing fewer people move. Days on market are back to pre-pandemic days (homes are sitting longer) and overall we are adjusting our own expectations, continually learning and communicating these expectations and learnings with our clients.
While we understand that market fluctuations may cause some concern, we want to assure you that there is hope for Real Estate in Memphis and in August alone, we’ve seen an uptick compared to previous months.
Here are some key insights on why you should remain optimistic:
Despite minor fluctuations, the Memphis real estate market is still showing strength.
There are plenty of opportunities for both buyers and sellers.
We anticipate a stable market in the near future.
We’ll show you some numbers and discuss further thoughts below.
The Numbers
A preview of Shelby County aggregated from the month of August comparing August 2023 vs. August 2022. For information by suburb, click the link below to see your area specifically.
The above gives an overview of the Shelby County. These numbers vary from each area of the city so please click below to view your area.
Understanding Price Sensitivity
While sales are steady or down year over year for most cities in our area, we are starting to see a wider gap in communities with a lower average sales price. Interest rates are playing a major role in this and are having a negative impact on sales volume in these communities. Cities with a higher average sales price are seeing less of a decrease due to less price sensitivity. Regardless of where you fall, we’re committed to working with our clients in every circumstance and partnering with you to meet your goals. We are proud to serve a wide-range of clients from all walks of life across, multiple cities in the Greater Memphis Area.
Readjusting expectations
Our team strives to be authentic, clear and concise with our communication to our clients. One thing that we are having to readjust for ourselves and our clients (especially sellers) is expectations. Two main things we are striving to communicate in this current market to our sellers is 1) pricing your home correctly and 2) being patient after listing.
Overpricing your home in this market is one of the hardest obstacles to overcome if you price too aggressively on the front end. Our goal is to drive people in your door. Pricing too high is a red flag to many buyers that understand comparables in your area. Also, the longer your home sits, you can expect more price drops and more buyers coming in with low offers.
Patience is also key. There’s a fine line between reacting to what the market is telling you (with price) and dropping prices too quickly. Gone are the days that we expect a home to get under contract in a weekend (although in the right circumstances we are still seeing that too). It’s important to understand you need to be patient as there are less buyers in the market.
But you don’t have to do any of this alone. We’re doing this behind the scenes on a daily basis and are ready to guide you and help you navigate this current market.
Opportunities for First Time Home Buyers
While sellers are adjusting expectations, buyers are too. But in this case, they are leveraging their buying power to take more time before making an offer, ask for repairs and closing costs, and be more selective overall when choosing a home.
This presents a great opportunity for first time home buyers as they can slow down, save and find a home that’s right for them.
With rents just as high as mortgages (if not more), it’s smart to assess your situation to see if you can afford to buy a home. Many banks and mortgage companies offer different loans to accommodate first time home buyers. We’d be happy to connect you with reputable lenders to reach out to.
What exactly is going on with our local real estate market?
While you may have seen media coverage and speculation buzzing around on social media, there’s a lot of nuisances behind what is truly going on with our local market in the Greater Memphis Area. And it’s important to know the difference in national real estate coverage and local. We’re here to bring you an update on our local market and what you should know.
The Numbers
See below from the month of May comparing May 2023 vs. May 2022 by parts of the City. Don’t see your area? Let us know and we will be happy to send information to you.
Sales are down
We are trending down in units sold as we see many clients holding onto their homes due to lower interest rates previously locked in. Inventory remains low.
Sellers can expect longer days on market
Additionally, we are seeing longer days on the market. Inventory is still low, but there is a small pool of buyers that are willing to move, many of which are moving due to life stage/out of a necessity to move. We aren’t seeing people moving just “to move” but because bigger life changes and needs. If you’re a seller, longer days on market means we need to set expectations. Your home may take longer to sell, but we also have some good news.
Prices are holding steady
We are seeing most average sales prices hold consistent year over year across the board. There are some suburbs experiencing a slight dip, but for the most part home values aren’t decreasing and are holding steady. This means, that while you may not sell your home as quickly, if you are in the right position to sell and have equity in your home, you can still make a return depending on your circumstances.
So.. what can buyers expect?
Buyers beware. Just because you are seeing longer days on market and less inventory, doesn’t mean that you won’t see multiple houses on homes that hit the market and are move-in ready. Homes that are well taken care of are highly sought after and when buyers see these homes hit the market, they are jumping. However, it does mean that if you are willing to look at homes that have sit on the market for longer, you may be able to offer under asking. This of course, is at the discretion of your needs and your agent’s advice.
What does this mean for me?
It may be time to schedule a call with your Agent to talk more about the market and get your questions answered. We are happy to dive into your personal situation to advise you on the best approach for your real estate needs. Don’t have an agent? We are happy to connect you with one the trusted agents on our team. Email us at info@reidrealtors.com or call us at 901.372.8500.
In October 2022, we’ve continued to see a shifting market in favor of buyers.
Across the board, home sales are down and days on the market are up. However, in some communities with lower inventory, we are seeing days on the market stay relatively consistent. And from our own experience, while it is taking longer to sell a home, if the home is in a highly desired neighborhood, priced right and marketed well, we’ve still seen homes go under contract quicker than the new average.
What you will notice is that while sales are down, home values are still up year over year (YOY). What this means is you can still feel confident that your home is holding its value if you’ve bought recently but unlike the past 2-3 years, you won’t see your home value increase at the same rate we’ve seen.
For buyers, longer days on market means you have more houses to choose from, less bidding wars and you have a much better chance at getting a home of your choosing. And while interest rates are up, many lenders are getting creative and offering products to help with that.
For questions about the market or your home, call, DM or email us at info@reidrealtors.com. We’d love to answer any questions or help with your real estate needs.
